But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO

[Febo]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

Totally agree. Bitcoin is solving a problem in China right now. In some regions there are Electricity plants build but there is no electricity network built to transfer that electricity to regions where is needed. Bitcoin solve this, since they just mine BTC with that electricity surplus, and with that way sort of store electricity.  there is zero chances they will do that. All China will do is to mimimize ICO scams. Same as USA is already doing and all other countries will follow.

[Quidat]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

Totally agree. Bitcoin is solving a problem in China right now. In some regions there are Electricity plants build but there is no electricity network built to transfer that electricity to regions where is needed. Bitcoin solve this, since they just mine BTC with that electricity surplus, and with that way sort of store electricity.  there is zero chances they will do that. All China will do is to mimimize ICO scams. Same as USA is already doing and all other countries will follow.

They wont really do such thing and they are making money out of it i dont think that they would stop such thing.Even if they would decide to ban bitcoin they cant do anything about it and would stood still as long there are people who do make use of it.I do somehow agree on regulating ICO instead it did might affect the price but i eventually like the regulation that they made.

[vit05]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

Totally agree. Bitcoin is solving a problem in China right now. In some regions there are Electricity plants build but there is no electricity network built to transfer that electricity to regions where is needed. Bitcoin solve this, since they just mine BTC with that electricity surplus, and with that way sort of store electricity.  there is zero chances they will do that. All China will do is to mimimize ICO scams. Same as USA is already doing and all other countries will follow.

They wont really do such thing and they are making money out of it i dont think that they would stop such thing.Even if they would decide to ban bitcoin they cant do anything about it and would stood still as long there are people who do make use of it.I do somehow agree on regulating ICO instead it did might affect the price but i eventually like the regulation that they made.

LOL

The Communist Party do not care so much about money. They care way more about control. China will ban mining.

[Mpamaegbu]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

You probably don't know how communism (aka statism) works.

They do such things for displays of power. They rule through terror.

Of a truth I really don't know what the Chinese government will stand to gain in all this attempt to strangulate the bitcoin apart from egocentric display if power, perhaps against its citizens. I have allowed my mind to wander if the Chinese are not daring the global economy with this action...It started with regulating ICOs to banning it, then banning bitcoin and now, mining? This isn't something the Chinese should be proud of.

[Pab]

Blah,blah,blah chinise miners mafia cry,Japanise miners are coming,one of his mining company has 90mln budget,Russia is going to launch his.Thay will have hash from nuclear plant,There is Australia with his solar energy,we dont need you China and you know about it,so stop to scream

[Wilhelm]

Blah,blah,blah chinise miners mafia cry,Japanise miners are coming,one of his mining company has 90mln budget,Russia is going to launch his.Thay will have hash from nuclear plant,There is Australia with his solar energy,we dont need you China and you know about it,so stop to scream

Lol you're so right .... so much FUD

[Wind_FURY]

"We" who?

Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.

In fact would make little difference, except for them.

If all of China's hashing power suddenly stopped mining then the difficulty adjustment in Bitcoin will take around 2 weeks at a time before it can find an equilibrium. The more power that is taken out the longer it will take. Think of a Bitcoin block mined once for every 3 days or maybe more? I do not know the math but it would be good for a miner to comment.

BitcoinCash has the emergency difficulty adjustment that made it easier for their blockchain to adjust when losing a lot of hash rate.  

[vit05]

"We" who?

Bitcoin difficulty is self adjustable by design, if they shut down, a new equilibrium would be found. Even BCC found one eventually.

In fact would make little difference, except for them.

If all of China's hashing power suddenly stopped mining then the difficulty adjustment in Bitcoin will take around 2 weeks at a time before it can find an equilibrium. The more power that is taken out the longer it will take. Think of a Bitcoin block mined once for every 3 days or maybe more? I do not know the math but it would be good for a miner to comment.

BitcoinCash has the emergency difficulty adjustment that made it easier for their blockchain to adjust when losing a lot of hash rate. 

That is way Bcash is up when almost everything else is down? BCash will win anything when mining become illegal in China? I thought all BCH was mined in China.

[johndoe784r]

I seriously doubt the probability of mining itself being shut down... too much invested already there would be no reason as coin generation is much different than coin exchange...

[ROT13]

Would be for the best long term, even if it would cause short term chaos.  It's probably something that will have to be dealt with eventually. 

Highly doubt they'd do this though, much more likely they'd seize it as state property or something similar.  Far more to gain from having physical possession over the majority of the hashrate than whatever banning mining would do for them. 

[avp2306]

How could a mining industry is illegal while there's no fraud indicated in that act and purely business is rotated in that thing but if the Chinese pathetic government will take an action and push it as illegal act then we will be all fuck off here since we all know china have the major hashes here and price will be drop off when chinese will thrown out there machines.

[timerland]

If Chinese government bans mining, then it'll just mean that big pools will be forced to either shut down or relocate meaning that they will downsize. An average citizen will still be able to mine bitcoin without any suspicion from the government.

In a sense - this is great news for bitcoin and shouldn't affect the price per bitcoin much. Bitcoin is becoming more decentralized if China does ban mining.

Bitcoin is a p2p network. Government can't start checking every single person's internet usage and figure out whether they are mining bitcoin or not.

[gentlemand]

If all of China's hashing power suddenly stopped mining then the difficulty adjustment in Bitcoin will take around 2 weeks at a time before it can find an equilibrium. The more power that is taken out the longer it will take. Think of a Bitcoin block mined once for every 3 days or maybe more? I do not know the math but it would be good for a miner to comment.

BitcoinCash has the emergency difficulty adjustment that made it easier for their blockchain to adjust when losing a lot of hash rate.  

There are plenty of S9s outside China and then there's Bitfury too who had a quarter of the hash rate at one point. I think they sell most of it to other people now.

I think an absolute worst cast scenario would be BTC slowing by a 2/3rds, but even then there's a lot waiting on the sidelines outside China. It would be a sluggish few weeks and then a gradual return to normal.

[DustyRah]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

You probably don't know how communism (aka statism) works.

They do such things for displays of power. They rule through terror.

China is not communist. They are totalitarian capitalist and their most important priority is money. Also, they don't have to show power to the Chinese people, the Chinese people are quite clear about it. They are very well planned and sharp and they will cut off Bitcoin if they are not able to control it. They allow ANYTHING as long as it is controlled by them.

[DustyRah]

I am hoping China not only bans Bitcoin but also bans mining and everything else associated with Bitcoin. The world will move on without them and that would be beneficial to the world as well as Bitcoin in the long run.

Last thing we need is suddenly all of China's hash rate in the control of the Chinese government.

[giveen]

This is most likely to happen china is the backbone of btc in terms of mining we will face many issues if they ban mining but over the months everything will settle we have already seen russia investing in btc mining they also claimed that they will have more mining power than china , even japan is been showing interests in mining the only thing that would happen is high fees again and really slow speed of transactions.

[Ayiranorea]

This is most likely to happen china is the backbone of btc in terms of mining we will face many issues if they ban mining but over the months everything will settle we have already seen russia investing in btc mining they also claimed that they will have more mining power than china , even japan is been showing interests in mining the only thing that would happen is high fees again and really slow speed of transactions.

Not only in terms of mining, but even in terms of user base and other means of acceptance China plays a bigger role. As mentioned banning creates a big market collapse, and in future situations will change. The reason is that more a deal more countries as a whole gets into bitcoin usage.

[xypos]

Only big corporations running bitcoin mining farms and making bank off it will be fucked. The rest of the bitcoin miners will be able to go on their business as usual. Government has no way to enforce their laws if they come out with any restricting every single miner to mine, it's just not possible on such a large scale.

This is pure speculation. Right now they are only seeming to be interested in exchanges.

If they do get banned, price will take a hit but will rebound quick enough. As i said, it won't affect how bitcoin will be run in general.

[machinek20]

Yes they will doomed, but not us, there will be plenty of users will start to build big mining farm because the profit will be very big, so we are ready if the government want to try to do something stupid,we are able to maintain bitcoin without china

[fanbeila]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run.